Yo today is October, 12 2022. Welcome to Simply Bitcoin live.
We are number one source for the peaceful Bitcoin Revolution
recover, breaking news culture, romantic Warfare.
We will show you why only Bitcoin only Bitcoin and give
you true Financial sovereignty. And when we say that, we
obviously mean Freedom. Today we have a very special
show. We're going to talk about all
things. Multisig, during the culture
we're going to talk about Bitcoin back loans, the pros the
cons and we have very special people to talk about that with
today. We have Tyler, Tyler works.
Change how you doing, Tyler? Excellent.
Nico. How you doing today?
Good and we have Kevin Kevin also works at Unchained.
How you doing? Kevin?
Dan, great Nico. Thanks for having me.
Happy to have you. And of course, the legendary,
always optimistic Optimus fields.
Are you doing bro? Oh well, good morning everyone.
Good morning. Excited for this one.
I think it's going to be a good one.
I don't have to say much on my culture segment.
I'm just excited to talk multisig today so this is going
to be awesome. Yeah, so for anyone who doesn't
know multi, see guys, it is In my opinion, is the best way to
store your Bitcoin in Cold Storage.
We're going to talk a little bit about the intricacies and opt.
He's going to play a really important role today is he he's
gonna approach it from from the pleb perspective.
He's going to approach it from somebody that, you know, I don't
know Opti, how would you approach it?
Hi functional dumb. I wouldn't say like that.
But anyways, I'm really excited for this.
And what do we have during the? Purrs.
Oh, some crazy data. From El Salvador.
We're going to get to an extremely bullish and it makes
sense why they're scared it actually.
It is the reason why they're scared in the first place.
So anyways, let's start the show, everybody.
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at the time of recording, the Bitcoin price is 130 SATs per
dollar 5200, 27 block height 758 seven.
Hundred fifty eight thousand, three hundred sixty-five
reachable Bitcoin nodes, fifteen thousand two hundred thirty two
blocks to The Happening. That date could not that block
could not come any sooner. 80 1635, having estimate April
20th, 2024 total lightning network capacity, 5,000 for
Bitcoin capacity value, 95 million USD realized monetary
inflation, one point seventy percent Market.
Capitalization 366 billion dollars Bitcoin is still baby.
I just want you guys to remember that last number 366 billion.
And here is this infographic for audio listeners from documenting
Bitcoin, awesome, Twitter account, definitely recommend
the follow. And basically, it's a screenshot
from blockwork Solutions and it says, market cap of different
asset classes. Right.
As you can see, it is so small for all you listeners.
It's a pie chart Bitcoin. You can't.
See it with your eyes really is this tiny little blip and right
next to it is 303 trillion dollars of debt.
There is 56 trillion dollars of equities.
There's twelve trillion dollars of gold and there's 360 326
trillion of real estate and remember in a Fiat world people
are just trying to maintain their wealth of which Real
Estate is one of the most preferable choices.
So I suspect Bitcoins going to take a much larger portion of
this pie. Just if Bitcoin reaches the
market cap of gold of twelve trillion and 9 10 9 to 10
trillion that puts Bitcoin at half a million dollars, a coin
and that makes me incredibly bullish.
But enough of me, I want to talk to the unchain guys.
Are you seeing what I'm seeing? Are we just incredibly biased
because we're we're crazy? Bitcoiners Definitely seeing
what you're seeing. I think, especially, you know,
Kevin coming from, you know, from from the, the Fiat banking
world and, you know, being young professionals early adults,
going through all this, you know, formidable years shaped by
the 2008 financial crisis now, jumping right into this.
It's like, I mean to me, I'm just excited that pie chart that
you showed also cosine the documentary Bitcoin Twitter
account follow, but that graphic was pretty stunning.
I don't know how you could be somebody.
Has it really taken Bitcoin seriously.
Look at a chart like that and not have just your interest
piqued a little. Absolutely I think it was it was
Greg Faust when we had the show with him that said if Bitcoin
takes I think like it was like two or three percent of that
that puts Bitcoin at like 22 million dollar Bitcoin.
Right. And I think that's bearish in my
opinion specific especially in the long term, in my opinion, is
the best savings technology the world has ever seen.
And it would and it was actually one of you guys a Parker Lewis.
Right? Wrote an article called the
Great defines D financialization, and he was
making the argument that, you know, now that Bitcoins around,
right, it's going to just suck value.
A lot of out of a lot of these other assets because before
people had no choice but to perhaps by some real estate,
just a Montaine, their wealth. So Kevin, what are your thoughts
on? I don't know if you read that
article but but yeah, what are your thoughts on the pie chart?
Yeah. Actually I read that article.
I think that was maybe Full days before my interview with Parker.
So I got to bring that up a little bit and mispronounced D
financialization in from has quite a mouthful of a word but I
agree, we are still very early people just don't know enough
about Bitcoin. A lot of people view it as very
speculative and they have no idea of, you know, any of the
fundamental characteristics of the network or the protocol how
it works. Speaking of when I left my old
Fiat, banking job told people what I was going to go.
Oh, do and I expected some kind of a conversation from them.
I really just got a Blank Stare. So we are still very early, I
have gone back and visited some of my old colleagues from the
time. And and it's kind of funny
shortly after I left, people started clients started asking
about Bitcoin. And even, they've sort of
engineered some Financial products, to sort of get people
closer to bitcoin exposure. So it's really interesting to
see how how slow it is. But at the same, Same time.
We're, you know, we are still very early.
I 100% agree. You know, you talked to, anyone
have one of my good friends that I grew up with went to high
school together. He works at Goldman, right?
He's in the wealth management, he's in wealth management and
whatever that is or I don't know the exact term and Did he hates
Bitcoin? He absolutely hates Bitcoin.
And yeah, that, you know, for you to even have that privilege
to hate Bitcoin, tells me that we're freakin early.
I think hating Bitcoin is going to cost a lot of those guys.
A lot of businessman, in the long term, right?
Anyways, moving on to this and I'll get Opti.
I want to get your thoughts. This is some data posted from by
Willie. Whoo, don't worry son, no,
trading stuff. But anyways the source is from
coin Telegraph. So we know it's legit I guess.
Anyways Willie will Salvador Bitcoin adoption nearly matched.
Its banking adoption and its first eight months since launch
of the total population, 40% downloaded chivo wallet. 20%,
continue to use it, 25% have bank accounts.
The Bitcoin launch was September 20 21, dude, for all the crap
talking that they say about Bitcoin.
Otto, it's not adopted. It was a, it was a failure,
banking had a 35 year, Head Start, and Bitcoin is only
lagging behind by 5%. And this explains why, you know,
our friends at the United Nations that's funny because
they have the the slogan prosperity for all.
We've gone over this. I've gone over this on BBC
Sessions during the simply sessions bitcoin news Roundup
during with with Ben. And this is an article that
we've gone over a hundreds of times, right?
Which is the United Nations spells out actions to curb,
cryptocurrencies and developing countries.
Well, you want to know why? They're so petrified.
Here you go. Here's your answer, right?
If you cut out all the red tape and you make having access to
the to the world, having access to the financial world, as
simple as downloading an app. It's incredible how popular it
is. I don't think it's rocket
science from their perspective. They would like you to believe
that without them without the disintermediate aires.
I mean, without the Intermediaries the world will
burn down. It's crazy in a world where we
have money that has rules without rulers.
Its awesome watching the old rulers trying to justify their
old exhibit their existence and we're just kind of watching them
like yeah that's not maybe I don't want to Central Bank.
Digital currency that's going to stop me from buying steak five
times a month you know maybe I don't want that right?
So anyways Opti the in-house truth-teller.
What are your thoughts on? This brother.
Well, this is what I love to see.
I think I say it on every single show seeing individuals using
Bitcoin. To me is the most inspiring
aspect of all this stuff and and to see the hard data to have the
receipts of people once they take the orange pill there's no
going back. And furthermore just like
fulfilling the meme of banking the unbanked and like we have
the data here. So like adoption is happening
everywhere. And furthermore, if we connect
this dot with buchelli article of don't drink the elite school
aid, that we cover, A week or two ago man.
It's very interesting to see the Legacy Media continue to try to
dunk on El Salvador. When like adoption is happening
at such a fast pace because the cats out of the bag and you know
people aren't going back. They understand that Bitcoin is
a better Financial system and furthermore free or financial
system. And so hey man, this is just
bullish stuff and also another dot connect that with what's
happening over Down in Africa as well and other parts of the
third world. It's like, It's hard to stay
bearish right now and furthermore with the documenting
Bitcoin meme the like point three six trillion dollar market
cap. It's so it's incredible that
people are bearish out there. It's never been a better time to
buy and save and Bitcoin and here are the receipts.
Oh it's just beautiful to see that.
We have hard facts and it's not just us suppose you on Twitter
about it I think to that point real quickly just to go back to
Parker Lewis has essays, right? It's like you're we're seeing in
real time. Different areas of the world,
hit that suddenly phase a little bit faster than other areas,
right? Sonique, oh your friend at work
at Goldman, you know, he's still stuck in the gradually phase,
right? And he has that privilege of
being able to hate Bitcoin because doesn't really yet need
it. Meanwhile down in El, Salvador,
the global south over, Nigeria, like they're starting to ramp up
to that suddenly faced, it's a pretty cool thing to see.
Yeah, it's really amazing. What happens when you plug into
the open monetary Network and You're not beholden to the whims
of a central bank or inflation and and things, you know, within
one year essentially have done a complete 180 degrees in El
Salvador. And all of the important things
that people care about are heading in the right direction,
like, crimes reduced economic activities up.
People are happier and it's just a great place to live 100%.
It's incredible. And now I want to get your guys
thoughts on this because from my understanding right, Unchained
is leveraging the tools and the technology Bitcoin provides and
in my opinion and maybe I'm completely wrong on this.
I think you guys are The financial type of firm or
service of the future with Bitcoin in mind.
Yeah, I would say so. I mean really at that Foundation
of security, and we'll dive into that and Opti happy to like,
answer questions that you might be had playing the club role,
but that Foundation of multisig, and holding your own keys to
your Bitcoin wealth. And then, you know, in
interacting with Bitcoin Financial Services in a way
where self sovereignty is still put Kind of at the Forefront you
said Nico. It's like when we're moving into
this suddenly phase of the gradually then suddenly here in
the US or in the west companies like Unchained, you know what
we're trying to do on the foundation, not only Bitcoin but
key ownership and security like that is going to be the way to
go, right? As we saw over the events of the
past couple months, I guess, maybe a couple quarters.
Now. Everything that happened at the
beginning of the summer like you don't want to be caught.
Not holding your own Keys basically.
So, Yeah. Couldn't under underscore that
point more. Yeah, not even, just not even
just from like, a Bitcoin perspective, but your wealth in
general, you don't want to be trusting.
These Banks who can. If you actually look at the
terms and conditions like hand up, I've read them working in a
bank. You can see that they have the
right to shut down your account at any time and you agree to
that when you open the account, but not a lot of people read
that stuff and think about it a lot until it happens to them.
As we saw even earlier in the year with the Canadian truckers
and the And people just being completely cut out of their own
bank account. Yeah, I mean, it's the, it's the
part of the Fiat Matrix, right? It's, you know, people the idea
of self custody is just absolutely radical at least to
most people, when you tell them, hey, there is no support line
that you can call if you lose your keys.
I think that in, from my experience doing this for a
while. And I'm not trying to be ages or
anything. But what I've noticed is that
the older generation that has spent the most amount of time in
the Fiat Matrix, right? Using the traditional banking
system is kind of the most you don't react well to self
custody, it's a crazy idea, but it's never talked about the
downsides of, you know, a full custody model, which is bank's,
right. It's exactly what you say, they
can freeze your transactions, you have to ask permission every
single time you use your money, right?
And watching, you know, the example in Canada, you know, in
Europe, I've heard also right. It's becoming incredibly obvious
that Bitcoin is the answer. And banking, isn't what banking
was 20 30 years from now? I'm sorry, 20, 30 years ago, you
know? So anyways, crazy crazy times,
but let's get to the news. Let's do it.
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All right, all right, all right. Opti opt is the best salesman
then that is ever was not. Best producer.
He's the best salesman Opti. You've upgraded, Bro, you've
evolved like a Super Saiyan. I keep changing.
It rolls over here. But okay, we play all the roles.
Okay, guys, I want to talk about multisig if you don't know what
that is, let's kind of back it up.
Sorry about the five dollar wrench attack, right.
Why is it called five dollar wrench attack?
Because we all think holy crap. If I put a really complicated
password and I save it and it's super yummy.
Super long and it's random and I put it someplace safe, my
Bitcoin is safe, right? But the reason they call it a
five dollar wrench attack is because that's not what they're
going to do. What they're gonna do is they're
going to buy a five dollar wrench show show up to where you
are in meatspace and they're going to say, I'm going to hit
you over the head with this five dollar wrench, if you don't give
up your Bitcoin. So this is where multisig plays
in right? Multisig uses different
signatures. So if it's a two or three,
right? It requires two signatures from
You separate seeds, right to spend that Bitcoin right and
there's three seeds in total, there's three keys in total
three separate seeds. So you should technically use
three separate seeds, you can use those two signatures and it
goes up, you could do a three of five, right?
The lnd thing. The thing that broke lnd was
like nine hundred ninety eight out of nine hundred ninety nine
so you can rock it up obviously I don't suggest that I think two
or three is more than enough and if you're really really freaking
paranoid you could do 3 of 5. So yeah, that's multisig.
The problem is though, with different wallets as that there
is a complexity to it as well. Write, it took me like trial and
error 6th six months of just messing around.
Where I can get comfortable. I got comfortable building my
own multisig wallet. I am in electrum junkie, I love
electrum, so that's what I used, right?
It was not an easy, it's not an easy user interface to do that
stuff, right? I kind of just kind of learned
it on my own because I I came to this very like, very natural
question that a lot of you guys will get to right?
Which is, you're looking at your Ledger, your treasure your colds
card and you're looking at it and you're like, how can I
really trust? How do I know that they didn't,
you know, kind of put some backroom kind of soft or even
though it's open source, but how do I know I could really trust
the random number generator on this device?
How do I know I could really trust this device?
Well, that's where multisig comes in, right?
So it's a different thing. If you're storing your need one
on a ledger, one on a bit box and one on a cold card, right?
You're not trusting a single, maybe a seed signer, you're not
trusting a single manufacturer, right?
And I think that this is an inevitable question, that all
bitcoiners will start to run into, especially if the relative
value because money is relative to everybody starts to become a
significant amount depending on your life, right?
And if you're saving a Bitcoin for 5-10 years, I'm not going to
say 100% promise you. But I 110% promise you that is
most likely going to happen, right?
And you're going to look at it, especially if you're staying
humble and you're stacking SATs and your dollar cost averaging,
like what we advocate for on this show.
Don't trade. Don't be a Degen.
Most likely this is going to happen to you.
So that all that being said, I know that you guys have, you
guys make it easier for people to multisig a ton?
Unchained. So why don't you guys tell us a
little bit about that. Yeah, definitely.
I can take a lead on that one. I'm on the concierge team at
Unchained, so we really take people from, you know, zero to
full two of three, multisig and collaborative custody.
We engage an hour long video call to start and multiple calls
afterwards, if needed really helping people through setting
up these Hardware devices, you uploading X pubs, and public
keys, and we go through kind of like, you know, the details as
to what we're actually constructing what we're making.
King with a multi signature of V.
Is that the name of the product and throughout those
discussions? I think it's really, it's really
powerful to see from our perspective on the concierge
team, you know, we were talking Nico about the little bit older
Generations. Maybe, you know, just being so
used to the Fiat system and taking that extreme ownership
extreme responsibility. Oh, you know, where we're now,
it's with great power. Comes great responsibility.
It becomes a little bit scary, but we talked about, you know,
from our vantage point, at the, on the concierge team.
We see see, maybe a good bell curve of individuals, right?
There's folks, just out of college.
It might be computer software Engineers.
But there's also, you know, 75 year old men and women, who just
really or maybe in the gold or traditional Libertarians and
hold Bitcoin and want to do it the right way.
And when we engage in these discussions, we say, hey here's
what we're going to do what we're building here today is
really like a treasure chest for your Bitcoin.
And in order to open up that Treasure Chest, you're going to
need two keys out of a set of three total.
It could be Both of your keys or could be one of your keys and
one that on chain holds is your collaborative custody partner
and that's what's used to unlock Bitcoin from your treasure
chest. And that's really what we're
doing when we frame it like that.
And we take the time to explain what these devices are.
The fact that Bitcoin doesn't live in your treasure or Ledger
cold card, but that these devices just or your keys, it
really does kind of build this foundational knowledge of like,
okay? I kind of understand what I'm
doing and then broader goal of our team.
You know, Unchained writ large. Not just the concierge team is
educating people after the fact, right?
Blog articles content, Financial Services, you know, Kevin and
his team are working on a foundation of multisig as well.
And in my mind it's really the most powerful way to secure your
Bitcoin. It's the most secure way to
secure your Bitcoin, right? I had a tweet right before we
all jumped on. We are single point of failure
disrespect errs. So that seven dollar wrench
attack, I saw in the comments adjusted for inflation.
Yeah, that could be a single point of failure.
If somebody, you know, wants to do a physical attack on you and
you have one seed phrase backup, right?
One set of 24 words, securing your Bitcoin wealth.
Well, that that's a single point of failure and you're holding
your own keys, right? Not your keys, not your coins,
but you don't have that fault tolerance, right?
You don't have the additional support of something like multi
sake, something like two or three multi sake.
So, you know, not to get into the full Spiel right away, but
that's really what we try to instill.
Dill and the minds of our clients in the ankle Kate, is
this idea of get rid of your single points of failure?
Hold your own keys and Foster, this kind of culture of learning
along the way when you join the call with us.
You might not know it in X Pub is first. 30 seconds in, but you
know, a six months down the road.
After being a nun chain client, you're going to know what a next
Pub is. You're going to know what a
wallet configuration file is and you know, you might just even
know what Caravan is, right? So it's kind of that that
constant Evolution towards learning the more that you get
your hands dirty with. So let's talk a little bit.
It about. So the differences, right?
So, if I were to set up a two or three by myself, right, you
know, I would either rely on the random number generators on my
devices, I would roll the dice, you know, and then I would plug
in those devices on to the specific wallet or maybe just
plug in the X pubs by themselves.
Right? And then, you know, you would
set up two or three or three or five?
Let's, let's make it simple. Let's stick to two or three, not
to overcomplicate things, right? So that's how you do.
It yourself, right? And then what is the advantage
of that? One of my opinion one of the
advantages of multisig is something called geographically.
Separating your seats. What does that mean?
That means that if this theoretical five dollar wrench
attacker, knocked on your door where you showed up at your
house, even he had that Five Dollar Rent attack above your
head. You wouldn't have the keys in
the same geographical location, so, even if he held you hostage,
with the threat of violence, you couldn't give it to him, even if
you want. To right?
And again, is this a perfect solution, he might get upset
right? No, it's not.
There is no perfect solution. It's a trade-off, right?
But at least, it lets you plan to do certain things, right?
So in the setup that I was, describing the responsibility of
the storage of those three keys would be completely your
responsibility. Now the pros to that system,
right is Privacy right here. You're only you're the only ones
that are going to know about your ex pubs, the downsides to
that system, right? Also the key you're going to be
in complete control of, you know, the seed creation as well,
right? The downsides to that, however,
though is you have to take complete responsibility of those
three keys, not to mention the, especially if you're just
starting out, it is very inconvenient and the ux is not
friendly and it's not easy to create A two or three multisig
and especially if you're older, right?
It's very daunting now Vault. And I know Caravan makes that
100% easier that process and if I believe, correct me if I'm
wrong, it's 2 of 3, right? Yeah, it's two or three, and
really the advantage of having that collaborative custodian
would be, you know, kind of on multiple fronts.
One, like you said, the complexity does kind of
heightened a little bit. When you're doing everything by
yourself, you don't want to be securing your generational
wealth, and then be stuck wondering why your treasure
doesn't connect to Brave browser like it should or something like
that. If you're using a web-based,
multisig coordinator, like Caravan there's just a lot to
learn but I'm always for Education, go.
Go and learn those tools but having that collaborative
custodian, there also comes with this benefit of no Bitcoin
bitcoiners, Bitcoin individuals, Kevin myself, our team members
that are there to help you, you know, navigate kind of the Sea
of information that you're always exposed to in Bitcoin, so
that's one advantage. And then to it's going to be,
you really want to think about the collaborative nature of it.
The fact that we hold the key, you still can engage in
geographically, separating your items.
And we do encourage our clients to do so.
But you also want to be thinking about, you know, these things
that you might not think about right away, when it comes to
your wealth, write something like inheritance, right?
What were to happen? If you were to something
unfortunate were to happen and you were to pass on, right?
Is there someone with institutional grade Bitcoin
knowledge that could help a loved one recover funds, right,
all of those roles are played with a collaborative.
Custodian who really engages in, you know, wants you to abide by
Best Practices but also engages in your learning and is kind of
there for you. Those crazy scenarios arise but
it is 2 of 32 your point Nico. And when you think about a two
or three, let's just say self Sovereign setup.
You have three keys total, right?
So you're probably going to have your three signing devices,
right? Your three Hardware wallets then
you're going to have your three seed phrase backups, right?
So right there that's six items that you're going to want to
geographically dispersed. Keep track of make sure that
your firmware is up to date. Make sure that, you know, your
seed phrases were written down correctly in our Are intact at
every, you know, maybe once a year, you check on your seat
phrases. So, right there, that's that's
six total items. That's kind of a lot.
And then you start thinking about, okay, a 3 of 5 all on
your own. Well now you have five total
keys so that six items now multiplies or I guess, you know,
grows to 10 total items and unless you're really on top of
your, you know, on top of recent developments on top of your
wallet tooling that. Ted those ten items can kind of
become unruly, right? So when it, when it comes to to
Three multisig with the collaborative custodian like
Unchained you have four items right?
You have your to signing devices, your two-seat phrase
backups. We have your third key is a
backup and you have those four items.
You can start to think more strategically about where you're
going to separate and securely store, those four items of your
setup. So I'm just wanted to point that
out there about two or three versus three or five and how we
really think of it for a majority of our parking.
Yeah. So I'm a big fan of two or three
you could always just make copies of the individual seeds.
As well. So you can kind of, you know,
play into your kind of your storage strategy, better said or
however, which you say it. I think we're making up words,
there's no words for the things. We're talking about, are just
kind of making it up on the way. Anyways, look so so yeah.
So in my opinion, from from how I've used it, right?
It makes the two of three experienced, very easy.
It puts it behind a very nice user interface.
So if a high net worth Worth older person, right?
That is so used to being in the Fiat system.
Perhaps you know, a person that is in a Bitcoin is in a Bitcoin
junkie, right? Perhaps it's your wife or your
husband who you know isn't perhaps a Bitcoin term at
perhaps they're you know, they have a regular job.
A Fiat job from what I've used. Right is that the Vault product
makes it easier for them to interact with multisig, but
still getting the benefits of This egg as well.
But one of the things I wanted to talk about before I move on
is so hold on. We have a question from the
audience. So Michael Morrison says is that
they know. Yeah.
Sorry. Wrong one.
This is the one. How does this company?
Make money though? So that I think that's a good
question. So before we get to the loan
aspect, how do you guys make money from your V product?
Yeah, so the Vault product itself is free for personal V.
You can go create and Unchained account, upload your own X pubs.
If you feel like you're, you know, a Bitcoin Pro in that
respect, our V product is free. Now, what myself and my
concierge team members do is we have concierge onboarding
sessions on this. Just a one-time payment to our
team starts at $250 up until October 31st.
We have a drain, the exchanges promo running and that's 250 As
if you already have some Hardware wallets, you want to
use otherwise we will provide you devices as well.
We really just engage with you for that.
Our make sure you're all set up and ready to go.
That's a one-time fee and then we do make money from business
accounts. If you're using a business Vault
I'm a vault for your trust or your business or organization
that does have a yearly subscription fee and then for
our lending product we do have interest payments.
We have a trading desk that we do take basis points off of as
well for trades and then our Bitcoin IRA.
Ra has setup fees as well. So there's other Financial
Services that's really how we monetize as a company, when it
comes to bitcoin security and Security First for your personal
Bitcoin, that ball product is. So let's talk about privacy,
right? Because that's one of the things
that, that I believe is the biggest trade off to this,
right? Because at the end of the day V,
you know, unchain Capital does have access to your
transactions, does have access to your pubs, and this have
access to your balance specific to that multisig.
It. How do you guys deal with that?
Have you been approached by law enforcement to specific things,
etc? Etc.
Yes, we have not to my knowledge, been approached by
law enforcement. Now, when it comes to the
Privacy trade-off, that's an excellent question, right?
And it's something, we're first, and foremost want to state that
there are certain individuals within the company that have
access to certain information about our clients, you know,
Kevin and I work intimately with clients engaging in activities.
So we might be able to, you know, access @x pubs or balance
or transactions things like that in order to help our clients
when it comes to the Privacy. Trade-offs.
Excellent. Point.
And like I think a broader point in Bitcoin or just generally
when we're talking about services and products in this
space, everything has trade-offs, you know, there's
privacy trade-offs with any company you engage into given X
Pub to whether that's Swan Bitcoin, you connect the next
Pub or a single address, whether that's another multisig
provider, right? If you're engaging with
collaborative help and or engaging with an exchange, there
is privacy. Trade-offs to consider.
I think the trade off there and how you should weigh that then
is the convenience of having You know those experts on hand to
help you with your setup for the security of your Bitcoin versus,
you know, the the Privacy trade-off of us being able to
see transaction history data, right?
If you value or than the other and you know you're thinking
about your generational wealth and maybe the inheritance side
of things that might take the cake over, you know, making sure
that that all of your information is kept to your
eyes. Only, you know, privacy is the
ability to selectively reveal oneself to the world and we
really treat privacy with high regarded on chain capital.
We have strict data, controls are rigorously, trained on on
what to do and what not to do in specific situations.
So I'm really comfortable and confident with the way that our
company approaches privacy, but it's something that our client
should be aware of two if they want to engage with us.
But I'd love to hear like Kevin's perspective as well just
being, you know, on the more financial services side of thing
in this respect to, I know privacy is a question that kind
of pops up and all areas of the business.
Yeah, just been to Echo what you said ty'.
We do take the, you know, the most strict approach, in terms
of keeping personal data secure. Don't share your most personal
information with other third-party service.
So things like your social security number, and your, you
know, things other things that are required by a regulated
financial services company, like sources of wealth and employer,
and things like that, or employment data information in
there, as well, we keep that inside, a lot of companies will
use Third party service providers for these kyc AML
requirements that they have to comply with.
We don't do that, we don't want to be sharing that type of
information. Outside of our walls, we keep
that inside because privacy of our clients is of the utmost
importance to us. Awesome.
So another thing in case it hasn't been incredibly obvious.
Maybe I haven't explained it. Well, if Unchained disappeared
off the face of the Earth because you have two of the
three keys, you could still spend it, you could something
called sovereign And recover a wallet with any open source,
Bitcoin wallet, that supports multisig, whether that's Sparrow
electrum, you know, it's really up to you.
So this is more so out of convenience and I believe this
is also to be helpful to family members, just in case, anything
happens to you, v v platform provides very slick.
Very nice user interface to allow users to potentially
access your multisig Bitcoin. Is that correct?
That's I mean, that's an excellent point.
In actually, I'm a, this isn't my lovely apartment.
I am down in Atlanta for tab Kampf.
I'm going to be optim-r oh, alongside tray Sellers, and
Justine Harper on our team to do an introduction of multisig.
But also to touch on Sovereign recovery, right?
And and the fact that, you know, if when we something we go over
on concierge calls, right. Let's play out that doomsday
scenario. Yeah, right, let's say you're
securing your health and multisig and you have a vault
all set up. And Unchained disappears, right?
We get your were wiped off the face of the Earth.
You go to access our website and and it's down.
What do you do? Well, when you hold your own
keys to your Bitcoin wealth, in multisig, there's this concept
called a wallet configuration file, right?
That contains important information about while it was
set up contains your public Keys, the derivation paths, kind
of some other technical information and what this file
does is wallet, configuration file.
We really treat it as like the blueprints to your Walter it's
often times referred to as the treasure map to your Bitcoin
treasure chest and like Nico is men chanting.
If you do have this backup file for your Vault, you could load
this file into a sparrow wallet. A caravan which is our open
source tool that our team has worked on quite quite hard over
the past few years and it's something I love to show off to
clients. There's electrum as well.
Right? There's these interoperability
practices and play where you are sovereign over your wealth.
And if Unchained as Your designated coordinator, right?
Where you log in to see your balances and make deposits.
If we disappear, you can still access your Bitcoin, if you hold
two of your keys, you can load up that file into another
multisig coordinator, and completely access your funds.
I think that is really, really important for all of our clients
to be in the know on, right? So outside of just concierge on
boardings its blog post. It's workshops it's talking
about this because it's something that's kind of unique
to bitcoin to, right? You can't just go in them.
Of, you know, s really recover your Wells Fargo account over at
US bank, right? It just doesn't work that way.
So, you know, not having to trust us in turn builds more
trust, and I think it's a really angry.
And I think that's the, that's the key here, right?
Is that, even though you're using a company to potentially,
you know, hold a third key, for whatever reason, you know, for
your family member, maybe for convenience for you, maybe
because you don't trust yourself holding all the keys guys, our
job. Is to show you all the tools,
right? You could do it yourself or
always transparent with that. You could use a, you know, an
awesome Bitcoin company like Unchained.
But our job is to show you all the tools.
There is no perfect solution to any of this.
There's just trade-offs, right? So you have to weigh your own
technical capabilities and you have to weigh.
Also convenience, convenience is very important, right?
Because if you have a 45 of 50, multisig, right?
And you're in a pickle and you need some Bitcoin man, that's
going to be complicated, right? So you kind of have to The pros
and cons of, you know, every solution and it's really up to
you, the individual to make his or her, or they Choice.
Among what they want to do based on their situation, their
situation in life or maybe their country is unsafe, maybe their
country is safe. Maybe you could lacks it a
little bit. It's really dependent on your
particular situation. And I think Unchained
specifically the V service. We're going to talk about the
loans in a second is is a great tool.
All that potentially. Some of you guys could consider
in arming yourself and taking back your financial sovereignty.
If two of three is too daunting for you because you don't have
the technical capability of setting it up for yourself.
It's what it's what Tyler said, right?
They have an onboarding service that could potentially be useful
to you Opti. We got some time from the pleb
perspective, brother. What are your thoughts on all
this? Well obviously, The making me
extremely bullish on multisig but I just got a question.
I mean Tyler gave us a great meme of a single point of
failure disrespect ER and I'm always an advocate of just
keeping it simple stupid. So what's the difference in your
opinion between just a multisig and a Bitcoin wallet secured
with the password? Yeah, so excellent question and
I got to give credit to this single point of failure,
disrespect her to fill Geiger the concierge service and
unchain. But, you know, when you add a
passphrase to a seed phrase, right?
If you you, let's say for all, intents and purposes, were
working with a treasure device, you use your treasure to
generate a 24 word seed. Phrase, what you can do is then
there's the option to lll pass phrase on top of that 24.
Seed phrase, you can think about this fundamentally like a 25th
word although it does include the ability for you to add
special characters. You can you know there it's case
sensitive so you can set capital letters It's really like setting
an additional password to your phrase.
Now what that does though is that fundamentally changes your
master private key. So if you accidentally Miss type
your passphrase when you're first setting it, or if you
thought Thought you wrote it down but you really didn't and
it was hard to find. All of a sudden, you might have
your 24 word seed phrase, but if you don't have your passphrase,
that's a single point of failure.
It could be a single point of failure for your Bitcoin.
So you compare that to multisig. Where if you lose a passphrase
from your, you know, from let's say you're doing a two or three
if you lose a seed phrase, rather.
Sorry from your two or three setup, that's okay.
There's redundancy and play, you have that fault, talu losing one
seed. Phrase entirely is not going to
be a single point of failure. Years, so Opti.
Hopefully that helped. But let me know if I could
repeat anything or terrifying. Beautiful.
Beautiful to me. And then why my last question
and we can move on to the culture after this is when air
is their planned for Unchained to expand the Bitcoin Hardware
wallets that you guys are going to be able to use in the
multisig setup. Yeah, excellent.
Excellent question. So as a recap, both trip models
of treasure, treasure one. Treasure Model T Ledger, Nano X
90s 90s Plus Cold card and Mark two, three and four all
supported but we know that and we just saw the bit box add that
Opti so eloquently. Put there's other Bitcoin
signing devices coming to Market that are really really exciting.
And so we are trying our best to you know as we as we work
towards an interoperability future.
That also comes with offering support for other signing
devices, that might be more, PS BT native.
So be on the lookout in the coming quarters for some pretty
cool advancements in that area. So to answer your question
often, it is something that we're very Thinking about, we
want to be able to service all individuals who are holding
their own Keys. Awesome.
All right guys, let's move on to the culture.
We got a lot to talk about. The daily culture brought to you
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All right guys before we get to the culture, I want to give a
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All right, ladies and Gentlemen, let's talk about Bitcoin loans
or Bitcoin back loans, okay. So what if your credit is shit
and all of a sudden, Sudden a meteor falls out of the sky,
blows a fucking gaping hole in your house, you're like holy
crap Bitcoins at 19k. I don't want to sell it.
What do you do? Okay, so what you can do, one of
the options. However, we're going to talk
about the cons because this is new at this and get very
slippery, very quickly. What you could do is you could
post your Bitcoin, you could use your Bitcoin as collateral and
our friends. At Unchained.
Give you a lump sum of cash. Now obviously you have to pay
interest on that cash because it functions as a loan and also
right there is a requirement there's a percentage requirement
on that collateral. I think it's between 250 to 200
percent on Unchained, it goes below that amount you have to
post up more collateral, right? So you can get in a very sticky
situation very fast. Why would I, why am I saying
that? Because let's say you take out
ten thousand dollar loan, you have to put up 2.5 Bitcoin Let's
say Bitcoin falls down to 10 K. You have to put a lot more
Bitcoin now, right? I think you have to put like
four or five more, you have to put four or five Bitcoin in
total for that ten thousand dollar loan, right?
And again, why, why is that happening?
Because that's the volatility of big, that's the volatility of
Bitcoin and also unchanged wants to protect themselves, right?
They also they don't want to go bankrupt either.
So again, if you do it safely, if you're not a degenerate, like
I said, Eyes during the new segment.
This could potentially be a tool that you use not to sell your
Bitcoin. However, like I said, it can get
very sticky very fast specially if you're irresponsible.
And I know some people go full D Jen and they use some of that
Unchained cash to buy more Bitcoin which is also called
Leverage, right? So which is something that we do
not advocate for on simply Bitcoin.
We are only dollar cost. Average has Jurors on this
channel. So that being said, Kevin did I
how'd I do for the most part you got you got pretty good
explanation there, but I would say, you know, there's a lot to
unpack in everything, you kind of just touched on.
So I'll try to try to address everything here.
I would say, you know, the best thing that you can do is just be
prepared and you really need to look ahead just because you have
enough enough Bitcoin to take out the coin alone with Dad.
As you mentioned you know our minimum loan amount is 10
thousand dollars and there's a 250%, you know, Bitcoin
requirement to originate a loan. So that means for that ten
thousand dollar loan you have to put up twenty five thousand
dollars worth of bitcoin as collateral now.
One area that that is a little bit off there that I wanted to
kind of correct on was your the Margin Call threshold that you
mentioned. We can actually go lower than
two hundred percent before your you need to add more although we
do recommend Amend that everyone maintains above two hundred
percent at all times. And what that does is it
insulates you more from the volatility of Bitcoin insulates
you from the risk of a margin, call more than than others.
So essentially you can, you can survive from that. 250 percent
level. You can survive a 40% price
decline before you're prompted to add additional collateral and
we're very proactive in communicating with our clients.
When that does happen. We are there to help and you
know, if there's questions about how to deposit or how to make a
principal payment to their loan, because those are two ways to
improve the collateral to principal ratio.
You can make a deposit of Bitcoin that additional
collateral to clear your Margin Call or you can send in a
principal payment to clear that Margin Call couch.
Okay? So, let's talk about, let's talk
about because we saw it not to name any names.
I am totally going to name names the Celsius, fucking Disaster.
Okay, and a lot of people, I think they took out loans,
right? So I know what a lot of people
are thinking. Hey man, if I send my Bitcoin as
collateral fine, I have this cash loan.
But what if unchain goes under, what the hell's going to happen?
My Bitcoin, Exactly. So the great thing is, we were
talking earlier, you know, our services are based off of multi
sake and so it's the same two of three multi-state configuration.
However, the way that these keys are this key core and setup is
Unchained will hold one key, the client will hold one key and
then we do have a third party key agent that holds the other
key. So if Unchained is out of the
mix, there's still two keys available for signing.
We also recommend that our clients store and back up there.
It config file which would allow them through, you know, survey
open source software like Caravan to rebuild that
multi-state configuration and spend the Bitcoin out of it, we
do have, you know, backup plans in place in the event that, you
know, when you're in the middle of repaying, the loan there's
backup loan. Servicer to take over the
servicing of the loan and then there's the third party key
agent that can get together with you to spend the Bitcoin out of
there. Once the loan is repaid, if
necessary. So let's talk Talk about the
third party key agent, right? How third party is he what is
the association is this completely an independent
country called companies of the law firm, etc, etc.
Yeah. Are our key agent or third-party
key agent now is Citadel SPV. We've had a great relationship
with them for several years and so they are a completely
different entity but they do, you know, sign at our directions
sometimes our clients don't have the ability to get to their key
For a necessary signing. We do allow clients to request a
sale of their collateral, so if they're on vacation or something
like that and they're not near their key, we would still need a
signature to settle up that sale.
And so that's where we would direct that third-party key
agent to come in and sign in the unfortunate event.
That that clients don't meet a margin call obligation.
There is a, you know, the aspect of a forced liquidation that
would occur. And if clients not able to sign
at that time, we would also direct the third party.
Key agents assigned. Sign.
Okay, let's talk about examples as to why people would use this
service. Yeah that's a real
professionals. Yeah definitely I see them every
day. Some some great, real life
examples. Like you said the meteor comes
hits your house, wipes out your bathroom, you're gonna need a
new bathroom, you got, you got to use a toilet.
So, you know, a lot of people will take out loans for
remodeling their home. As you mentioned.
You know, people may not have credit, the credit system, the
FICO score, it's a very exclusionary system.
It leaves a lot of people out on the cold Be really surprised how
many wealthy people have terrible credit scores and
that's another thing that I witnessed a lot in my old Fiat
Bank job was, you know, some of our wealthiest clients would
would have, you know, 500 credit scores or they'd be they
wouldn't even register. We don't involve credit bureaus
in any aspect of our loan origination process.
So that's a real nice easy side step.
It also really speeds up the origination process to be able
to be completed within a few business days versus waiting a
month for an approval or something like that.
For For a mortgage and that's another actual real life, use
case that people use it for is purchasing real estate.
I've seen people take out loans to purchase an engagement rings,
you know, starting a family. Maybe they're going to expand on
their house, not just repair it or something, or even buy a car.
So it's a really great Advantage is, you don't have to worry
about that whole credit score nonsense.
Yeah. The the only and again we always
transparent about the downsides. The only downside is Bitcoins,
volatility, it goes down and you are going to be put in a
position. And then again, like this is all
about, we always tell you guys that the revolution is personal
responsibility, right? So you know again off the top of
my head example, let's say you have five Bitcoin and you take a
ten thousand dollar loan, that's a big percentage of your Bitcoin
that you might have to put up as collateral meaning.
If that Bitcoin if the price of Bitcoin goes down, you're going
to be, you're going to have to. You might be put in a position
where you have to put a half of your stack.
And I definitely don't recommend that, right?
So again, it has to do with knowing yourself knowing in the
position that you're in and, you know, I guess understanding, but
that point. Yeah, you know, just like I
said, be prepared, you know, think about, you know, what
Bitcoins done over its term. We've seen so many charts.
It's highlighting the draw Downs of Bitcoins 8090 percent from
Peak to trough. So if you're taking out a loan,
you need to really ask yourself and think, you know, am I
prepared to add three to four times the amount that I'm
initially adding as collateral? You know, maybe instead of you
know, leveraging up completely and dumping it all into Bitcoin,
you save a portion of that that lump sum of USD to make a
principal payment in the event, that you need to distance
yourself from the potential for a margin call or that you
actually Have some some additional collateral that
you're comfortable, depositing, in the event that you need to.
Another case that we've seen is people will contact us when the
price gets volatile. Now say, hey I'm going on
vacation, what do I do? Well one thing you can do is,
you can act early, you can deposit that Bitcoin ahead of
time you can make a payment ahead of time and boost your
collateral to principal ratio, well above 250 percent, you know
400 500 percent whatever makes you feel comfortable and helps
you sleep at night. Again the key here is being
prepared and Acting early. Yeah, so I think one of the key
differences and from your guys's service and from the other
services which is why I felt comfortable inviting you guys on
in the first place is the self custody aspect of this, right?
The fact that it's a two or three multisig, we talked about
multisig on the first part of the show, The segment, the first
segment, the new segment. And the way that the collateral
setup works in the loan agreement, is that you still
have one. Keys.
Right? And then a third party has a
second key and then Unchained has the third key, right?
So, and again, from my perspective, theoretically, you
can check the deposit address that you deposit your collateral
to, and you'll see if it moves. It should stay in the same
place, right? So that's one of the biggest
differences and the reason I mention this is most other
people, they re hypothecated. So you send your Bitcoin in as
collateral and then they put it in a very big lump sum and most
often than not, it's not the necessarily, the Celsius guys
were bad people. Is that they thought, holy crap,
I have this lump sum of Bitcoin. Maybe I could use it to grow my
own Bitcoin and of course, you know, always pay back the little
guy, the problem is that when you see a crash then those types
of moves aren't so smart. So could you talk a little bit
about that? Absolutely, you know, if Are
partnering with a company that did similar things as Celsius,
you're exposing yourself to counterparty risk.
So you may make all of your payment's maintain your margins,
stay out of Margin Call and you pay up and everything's great
but because of, you know, poor decision-making from your
counterparty now, your Bitcoins no longer there.
It's been lent out, it's been gambled away and that's just
something that we're not comfortable with as a business
model. So as you said, you can you see
the address that the Bitcoin is sitting in or sometimes multiple
dresses, in the case of you making multiple deposits,
because we generate a new deposit, address with each
additional deposit for your loan, you can verify every
single day that it's sitting there.
You can, if your device supports confirming on device, you can
validate that address is actually you know, appropriate
for that Quorum. And not and really have
assurance that you're not exposed to some kind of a
man-in-the-middle attack. There's a lot of really great
assurances that come with Loans because we use the foundation of
multisig. Interesting, very interesting.
I think it's one of the unique things that you guys do,
leveraging the technology of Bitcoin, not to make the
mistakes of the past. And I think that multisig is a
great tool and not using it. It's like the Celsius thing.
It's like people don't understand that that has
happened so many times throughout history, it's just,
just change the names, right? So, what's that fate?
Very famous saying, right? It's like trying the same thing.
And expecting different results is like the definition of a
crazy person. It's like, we have the chance.
If we leverage, if we leverage, you know, the technology that
Bitcoin provides us to kind of change it, and what that does is
it changes the incentives, right?
Because if you're a company and usually, okay, listen, we use
multisig then Tech theoretically, you could spend
it, right? Because you do have access to
two of the three kids. It's through the three keys.
You're closer to the third party.
Of course, you know, if you're kosher You do everything by
paper. You're not going to do that but
theoretically you could right? But at least that puts you on
the hook right? Versus what these other
companies do is, man, they say very clear block, fi has this
very famous posts and they try to make the case as to why
rehypothecation, it's a good thing and then their valuation
got absolutely screwed again and it goes back to trying the same
things and expecting different results and it ends up in
exactly where we started. Absolute clown world.
So yeah, really appreciate you guys coming on and talking about
the awesome products that you have it Unchained guys you know
what I did just want to mention is you know in the whole topic
of margin calls and avoiding them and keeping your Bitcoin
safe is that we do provide tools to help clients know exactly
where they are relative to their Price thresholds.
So you can log into your account and we have a collateral
management card. It's a nice little health bar
changes colors as it goes up and down.
And it really, it gives you a real-time identifier in terms of
the health of the collateral on your loan and whether an
additional deposit is recommended or an additional
principal payment is recommended to get you in that you know 200
plus percent range. Awesome.
Yeah, and you guys know the deal, we do not have people or
companies or products. Jean simply Bitcoin that we have
not tried personally ourselves and something that I am careful
to say I advocate just because I don't want to fucking get
people. Not the Vault product of all
products fine. You know that's more of a
privacy issue but the specifically the loan product
you can get yourself in a lot of trouble very quickly.
So just be careful with that. But I will say this because you
guys leverage the two of three multisig, it is much safer in my
opinion than using a loan. Fighter, that doesn't Leverage
The Power of 2 of 3. So yeah, man, I love what you
guys do. You're an awesome Bitcoin
company and you guys keep the Bitcoin principles in the
company, which we need more of now.
These days. Anyways, Opti you want to hit it
from the plant perspective. Well, I was gonna ask the
question about if you get margin called.
Do you lose? Not saying I'm going to become a
DJ in here but I was going to say if you get my PhD, I already
regret it. This is why I said this is what
Kevin already kind of answered, I was just going to ask, you
know, but he pretty much answered like.
But just to be clear, if you get margin called, do you lose all
your Bitcoin on collateral or just enough to cover the
volatility? Yeah, we, it's short answer is
that. It's only ever going to be like
the maximum amount of collateral that that's ever going to be
liquid, is just enough to cover the outstanding loan obligation
from there. There's also partial amounts
that can be liquid if you don't respond to your All just to get
you into a better position. Our current practice is to, if
we have to forcefully, liquidate our current practice is to go
and liquidate enough to get up to the 200%, collateral to
principal ratio. Mark in some cases that is not
really appropriate and we end up liquidating enough to fully
close out the loan. But again, we provide those
tools, make it really transparent, easy to see where
you're at. Also, one thing that's really
unlike other I say crypto companies because there's really
not a lot of Bitcoin financial services.
Companies out there, is that you can call us and talk to a real
person on the phone. And that is really unlike a lot
of our competition. We we have high standards for
ourselves for responding to our support tickets via email so you
will get in touch with someone if you try.
So, a lot of, you know, sometimes people will be really
scared and not know what to do. And just kind of freeze up reach
out to us call us if there's any questions that you have it.
Even just on any of our services, you don't have to be
in margin called reach out to us.
You can just call and say, hey, what's up?
So, I just want to be getting calls from off to her.
She could we talk about the Unchained trading desk for a
little bit. Maybe you guys could, you know,
do a little show on that one and just what makes it different
than buying Bitcoins somewhere else?
Because I saw the announcement at a bit block.
Boom. And it Seem like big news but
again I'm the Hai functional dumb on the show.
So explain this to me. Well, the benefits I I could
take a stab at that one, you know, trading desk.
And our Unchained Ira holding the keys to your retirement,
Bitcoin some Financial Services, as an addition, to loans that we
have. But trading desk being kind of
the recent release for us. That's, that's pretty awesome.
It's General availability. Which is what the big splash.
A bit block. Boom is about.
We're in a belief. 34 states in climbing.
States and US Territories really what the trading desk is.
It Unchained it allows you to buy Bitcoin and have it
deposited right to sing vaults, right?
So no more Cold Storage sweats of buying it on some exchange
and then sending it to your Vault and copying and pasting
addresses. And kind of squinting and making
sure everything is correct. If you buy Bitcoin through are
unchanged trading desk, if you're in a state, we approve
that's approved we send it right to your Vault.
So, privacy there, as kind of improved, you don't have to
share Share your information with multiple different
companies, just in order to stack Bitcoin you can buy
Bitcoin directly through Unchained.
So right now we do have a five thousand dollar minimum as we're
kind of a honing in that product, getting two more States
eventually lowering minimums. It's going to be really powerful
way to, to stack things. I think so.
Encourage you. Yeah, go for it.
The convenience, the convenience, the convenience of
making the Back end of buying Bitcoin and taking it directly
into self custody. And not only, is it self
custody, it's multisig. Self custody and you guys are
doing it, I know Swan is going to do it as well which is why
they bought Spector. And at the end of the day,
right? This is good because it's
putting the complexity of multisig in the background and
the user has just everything to benefit, right?
We've all been there to the cold storage sweats of it's on your
exchange and then you got to do the transfer and also it's on
your exchange and then, you know, the an exchange moment,
we'll call them happens and you can't withdraw, you know, that's
what we want to eliminate, right?
So depositing right to your own Keys, nothing bad, I'm a multi,
I'm a degenerate tinfoil hat Bitcoin, ER, make your own Keys
everywhere. But but I look the, what I feel
this product is for its it. My opinion it's useful for
family members. We're like you don't want to
have it on a single Sig but let's say something happens to
you and it's like look mom you know, looked at look you know
wife look husband you know here look here's my you know here's
my password to my Unchained your my wallets.
You know, if anything happens to me, here you go.
Right? And I think that is what it's
useful for. And again guys you don't have to
totally just use V. You could use V for some of your
George, you could use your own multisig or you can use your own
single Sig, right? But the point here of all, this
is the tools at hand that gives you.
It gives you tremendous amount of power.
We're before you had none before.
You're just beholden to in the case of the loans, the Credit
Agencies right? You have bad credit, you're
fucked, you're blacklisted your black sheep right?
Or in the case of if you have your money in a bank and first
whatever reason you say something political that the you
know the powers that be don't like you know snip you know so
this is awesome. This is the power of Bitcoin and
I'm glad that there's Services being built around Bitcoin
around Bitcoin itself and leveraging the power of Bitcoin
and just want to say one last thing before we move on to the
mean review and then we wrap up is this right?
He's I know that there's a lot of Hardcore bitcoiners watching
this show and perhaps these things aren't for you, right?
But if we want Bitcoin to go mainstream, right, you
definitely want bit. When companies building out
these surfaces rather than the traditional Financial companies
that aren't going to use the tools that Bitcoin provides and
leveraged those tools properly, right?
And then you're going to have scenarios like Celsius,
scenarios like block 5, just keep repeating over and over and
over again, right there, just going to change the branding,
change the words, maybe change vocabulary, but the same thing
happens and it's very simple man, the incentive, right?
The human incentive when you're holding a big, Pile of Bitcoin
not to use that Bitcoin to benefit yourself specifically if
you have total control over its two great man.
So, I like how you guys are using multisig to, at least
better the incentives a little bit and at least making it
better for your customer, right? I'll leave it at that.
Anyways, we're going to go one. Last question, is, this is
unchain available? It's in the chat for
international. Customers are just us customers.
Our vault product is available for for most people in most
countries. And unfortunately, we do have to
comply with those ofac restrictions.
So there, you know, there are some countries where we cannot
support but and then loans at this time are really just mainly
the United States. Yeah, fine.
It perfect great trading desk is us only at the moment and then
our Ira product is American retirement accounts.
But the vaults though, we do serve and I just want to say you
guys all the kyc, these criticisms and all the lack of
international Services, whatever that is blamed the fucking
Regulators, right? Because they're the ones that
they're making business difficult, but anyways, let's
get them in review. The daily meme review, brought
to you by Cipher safe, don't be that person that loses their
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Well you all know the deal. This is De meme review and
Tweeter. The bullet foot memes are the
artillery in this information Warfare and you guys are on the
front line. So continue to memes, even
though Rusty thought I was telling him not to me many more
continue to get the calls of action out there because people
got to know the signal. And everyone is lazy and they're
not going to read all those great articles on the Unchained
Capital blog unless they're incentivized to do it.
But on that nose, go read gradually then suddenly series
that series is boss. Anyways, this first one it is
Simply Bitcoin me my try not to put our memes in the show but
this one, this one, hit a nerve with everyone.
So I just put it on top, it do be facts, do hashtag Bitcoin and
we got season hard lers. They're all buff and it goes.
Wipe them out. Cheap sad.
Slower, please, lifestyle, unaffected and all are, you
know, new bitcoiners in the first bear Market.
The macro looks terrible, institution soon Sailors, still
buying and Mercury's in retrograde.
The last one was apparently the hit that guy.
And everyone. This next one is by our friend
TC, and he goes, another influencer getting carried away
with crypto and it looks like the devil carrying away Jesus
into the woods God. All right.
There's next one is by relay a band because these Psychopaths
exist and we got to go see goes boo because blue again because
bull again, no and and nothing no response and because I send
Bitcoin without a test transaction.
He goes uh Sometimes you live Reckless out there.
This next one I had to add this one Nico considering that we are
simply Bitcoin. This isn't Elon Musk tweet but
we say it all the time about Legacy Media and you know when
Elon Musk drops a good meme, I will I will give him his credit
and he goes you know we got the Bronco, the infamous, Bronco
here, getting chased by the police and because me trying to
escape mainstream media. We got propaganda, we got bias
without fabrication time. Balanced coverage euphemism lies
of omission diversion, staged events have Through straw man,
Anonymous sources and only two ideas, y'all know exactly what
we're talking about. There's an excellent by our
friend corn DeLorean and we covered the PayPal news last
week and he goes hashtag PayPal was a warning shot.
We need Bitcoin now more than ever and we gotta Paul Revere
upgrade a reiteration of a Paul Revere Meme and got PayPal users
and a bitcoiners on the horse going the cbc's are coming.
The CBD Caesar coming. Yes, this is what we've been
telling you guys. Consistently on the show, watch
out, we need Bitcoin more than ever, take your Bitcoin in the
self custody. And this last one, this isn't by
a Bitcoin or, but this is Liberty copy, and it has laser
eyes on it. So, maybe it is a Bitcoin Meme
and it goes, they wouldn't need to censor us if we were wrong,
think I'll give him some horns on that one.
Anyways, Nico for my mean review score today.
Considering Nico has been mean review.
Shaming me lately, I brought something sweet in here.
I got a Blow Pop Blow Pop. Alright guys this is the simply
Bitcoin meme review. So Drop Your Meme scores in the
live chat make Opti and I feel uncomfortable while we were
forced to read them. I'm going to give it to see
through Xbox One, controller thing.
Yeah, boom. Boom.
That's right Opti. Feels like I'm a nerd because I
play FIFA before jump on, simply it's true.
And on Spaces, you'll hear the look.
Dude, I'm at my desk and bored as fuck and I have an Xbox here.
It's great. Oh man.
All right, Kevin, what would you give those memes?
I give it three naive, but Kelly's, because there was so
much focus on, you know, we talked about the Fudd that is
being spread about El Salvador and warning about the Legacy
systems. So that's why that's why I give
my rating. Tyler.
Wow, Niko's soundboard on fleek. And what would you give those?
Wow, I give those memes. A, I don't want to say a two out
of three keys because I think there are better than 66%.
So we'll say three out of three key all piecing.
For those memes that they were great love.
The the, that's a terrible idea. Yeah.
It is a terrible idea. Is a terrible idea.
Don't do it, but I love the love.
The mimetic props where mimetic props are due with Elon Musk.
You just put out some funny means every yes, yes I agree.
Okay, I've got one in here. Already Nico.
All right, that first. One by Hammer saw I give the
memes, three thumbs, very nice. Next one, I give the memes one
of my, one of my three multi, six.
Next one. Oh, he's any reason.
He's abusing the soundboard but wait, I got one more me review
score for the boys on the show an Unchained friends.
Don't let friends sell Bitcoin shirt.
Those are very kind of shirts by the way cheese sandwich.
I don't know if you can say this one, but I brought it up.
What one key on the head and one Co-op?
These two of two, multisig, best handle in the game.
The legendary Optimus Prime is that Opti is that Opti?
Is that his new nickname? I give these memes 5 Christine
Lagarde, that's right, five of opt, he's ex-girlfriends.
Oh man oh man oh man. Alright guys also check out
Simply Bitcoin unfiltered it's the written version of this show
you gotta go to www.simpleandsensational.com out
our awesome Riders rushed and Paul Zak drop wine and kiss drop
in the sauce it's the written version, it's simply Bitcoin but
in Inform and also check out Simply Bitcoins awesome telegram
chat group that's where you can link us.
Bitcoin memes to review. It's absolutely free.
You gotta go to www.ah.mil me / the simply Bitcoin channel.
It's a party in there. It's awesome.
Anyways, Opti there's a website by playing now.
We're running. I will save it for tomorrow.
Yeah, let's save it for tomorrow.
Why do you tell everybody where to find us?
The audio version of the show? Yes, yes, guys.
We are on anchor. We on Spotify and we are on
Apple podcast and if you really love what Are doing, we are on
Fountain app. I still haven't logged in on the
fountain out, but I will read your comments and your Clips
soon. We appreciate all the SATs
you're streaming us as a part of the valley for Valerie economy.
Anyways, think this is a great episode.
Let's, let's throw this one out. Nico, we're running a little
late on time. Yeah, I also want to give a very
special shout-out to our awesome clothing sponsor Opti, get up,
show the back, show, the back of that, a modest piece of meat.
Yes, you are. You're the simply Bitcoin model
that this is the represent. Bitcoin, angel with the AK.
I'm wearing the hoodie. It's absolutely dope, check this
out, they make a hoodie of it, they making sure he's coming out
with more simply. He's coming out with more
Bitcoin merch, simply Bitcoin merch.
Only on representing tv.com, you could take advantage of the
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I also want to give a very special shout-out to our awesome
guests. Kevin, Tyler, thank you.
So For joining us today. Where can people find out more
about you guys like give you guys as handles?
And if people are curious about Unchained, what do they do?
So you can go to unchain.com. It's a see our wonderful blog
learn about all of the different products and services that we
talked about today. My Twitter handle is at Kevin
underscore Stoneham sto Neha M my last name.
Yeah that always loved to Hype up Unchained.com concierge for
the concierge service checking out our site and our blog
content is fantastic. Mostly on Twitter at clockwerk
Or prior on Twitter. Yeah happy to anybody in the
audience. Might be having thank you both
for having us. This was a really awesome,
really appreciate it. Alright, ladies and gentlemen,
that was another episode of Simply Bitcoin.
I know it was running a little late today but it's our job to
keep you in tune with the Bitcoin Revolution whether
that's giving you the tools highlighting the tools for you
to use or not to use whether that's covering the news.
We try to cover it all, we try to do our best, we love you all.
All we will see you tomorrow for a brand new episode of Simply
Bitcoin. So you guys later Oh yeah that
make sure to go to our Twitter spaces.
We're going to continue to do a hangout, some be awesome.
All right, now is the one.